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Apr 30, 2023
Zoom Q1 2024 Earnings Report
Reported a 3% year-over-year increase in total revenue and a 13% increase in Enterprise revenue, driven by strong Enterprise growth and stabilizing Online revenue.
Key Takeaways
Zoom Video Communications announced its financial results for the first quarter of fiscal year 2024, exceeding guidance due to Enterprise growth and stabilizing Online revenue. The company reported a 3% year-over-year increase in total revenue, with Enterprise revenue up 13%. Zoom raised its outlook for fiscal year 2024 while continuing to invest in innovations such as AI.
Total revenue for the first quarter was $1,105.4 million, up 3% year over year.
Enterprise revenue was $632.0 million, up 13% year over year.
GAAP operating margin was 0.9% and non-GAAP operating margin was 38.2%.
The number of customers contributing more than $100,000 in trailing 12 months revenue increased by 23% year over year.
Forward Guidance
Zoom is providing the following guidance for its second quarter of fiscal year 2024 and its full fiscal year 2024.
Positive Outlook
- Second Quarter Fiscal Year 2024: Total revenue is expected to be between $1.110 billion and $1.115 billion and revenue in constant currency is expected to be between $1.120 billion and $1.125 billion.
- Second Quarter Fiscal Year 2024: Non-GAAP income from operations is expected to be between $405.0 million and $410.0 million.
- Second Quarter Fiscal Year 2024: Non-GAAP diluted EPS is expected to be between $1.04 and $1.06 with approximately 307 million weighted average shares outstanding.
- Full Fiscal Year 2024: Total revenue is expected to be between $4.465 billion and $4.485 billion and revenue in constant currency is expected to be between $4.495 billion and $4.515 billion.
- Full fiscal year non-GAAP income from operations is expected to be between $1.630 billion and $1.650 billion.
Challenges Ahead
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future.
Historical Earnings Impact
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